Raw Land to multiple lots and vacation homes or vacation rentals.

[Pete Slaga]

Investment Info:

Single-family residence other investment in Alpine.

I have purchased 35 acres with 10 acres of this having shoreline to a spring fed sandy bottom lake.

Currently, I am in the process of breaking this into multiple lots and will be building homes one at a time on each lot and selling them as a residence or vacation home.

What made you interested in investing in this type of deal?

The ability to take several parcels and re-configure them in a way that should triple my money even if I just sold the lots and did not develope.

How did you find this deal and how did you negotiate it?

I have been working with a realtor that is one of the best in the area and she brings me deals to look at from time to time.

How did you add value to the deal?

I looked at comparables for lake lots in the area.

What was the outcome?

In progress, but the first lot I am selling will cover 40% of the purchase price and is the worst lot on the lake.

Lessons learned? Challenges?

Raw land development from a distance is a challenge. Finding competent surveyors, foresters, and excavators have been my challenge along with they all were super busy the last year. (before interest rates went up)